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Construction in the United Kingdom (UK) - Key Trends and Opportunities to 2024

Construction in the United Kingdom (UK) - Key Trends and Opportunities to 2024

Summary

Prior to the Coronavirus (COVID-19) outbreak, the UK construction industry had posted growth of 1.8% for 2019 in real terms. However, with disruptions caused by the COVID-19 outbreak and the subsequent lockdown measures, the industry was severely impacted in 2020. According to the Office for National Statistics (ONS), the UK construction industry contracted by 12.5% year on year (YoY) in the third quarter of 2020 (the latest data available at the time of writing), following Y-o-Y declines of 38.2% in Q2 and 4.0% in Q1 2020.

Reflecting the disruptions caused by the pandemic, coupled with the weak outlook for economic growth, GlobalData forecasts the construction industry to contract by 15.1% in 2020, and although the industry will grow by 6.8% in 2021, it will struggle over the forecast period to return to pre-COVID-19 output levels in real terms. The construction industry is likely to be constrained by the wider economic impact of the COVID-19 pandemic, and by a potentially less favorable trading environment once the UK leaves the EU.

Despite the challenges, over the remaining part of the forecast period, the industry's output will be supported by investments in infrastructure, residential and renewable energy projects. Key plans include Highways England's Road Investment Strategy 2 (RIS2), which started operating from April 2020, and will run until March 2025 with a total budget of GBP27.4 billion (US$32.7 billion), and the GBP25 billion (US$29.9 billion) investment program of Ofgem, the country's energy regulator, to transform Britain's gas and electricity transmission network over the next five years.

This report provides detailed market analysis, information, and insights into the UK construction industry, including -
- The UK construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the UK construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in the UK. It provides -
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in the UK, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Construction in the United Kingdom (UK) - Key Trends and Opportunities to 2024
Published By :GlobalData
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